Westpac eSaver Online Savings Account
Westpac eSaver makes saving a breeze. You’ll get an introductory interest rate and online access to your money whenever you need it. And when you open an eligible savings account together with a Westpac Choice everyday account, you could get $50 cashback.
Boost your savings and team up your everyday banking with an eSaver account
- Canstar's Outstanding Value for Savings Accounts 2026
- WeMoney Winner 2025 for Best Quality – Savings Accounts
Earn up to
5.25% P.A.
Total introductory rate
For the first 5 months with a new Westpac eSaver savings account opening online. Total introductory rate is a combination of:
- 3.55% p.a. fixed introductory rate for the first 5 months
- 0.45% p.a. fixed online bonus rate for the first 5 months for opening online
- 1.25% p.a. standard variable rate (after 5 months or existing customers).
You could earn
$50
Cashback with a new account
If you open a new Westpac Choice everyday account and an eligible savings account between 9 June and 30 September 2026, here's how you could get $50:
- Spend at least $50 on your debit card within 15 days of opening on eligible purchases
- You must not have held any Westpac transaction account or savings account in the last 2 years
- Accounts must be in your name only (no joint accounts).
See all FAQs
- Sole applicants who have never held an eSaver account before
- Joint account holders where the primary account holder has never had an eSaver account
- The first 5 months, on top of the standard variable rate. After 5 months, the standard variable interest rate will apply.
| Interest is calculated daily on your account balance up to the second last business day of the month. Interest is paid into the account on the last business day of the month. |
The Online bonus rate is available for sole applicants only:
- From 17/11/2023 for a limited time only
- For new eSaver accounts opened online
- By those who have never held an eSaver account before.
This promotion runs from 9 June 2026 to 30 September 2026.
To be eligible you must:
- 18+ and have not held any transaction account or savings accounts with Westpac in the last 2 years from the date the last transaction or savings account closure.
- Open a new Westpac Choice account AND, either a Westpac Life OR Westpac eSaver. Accounts must be in the same name, activated and ready to use.
- Make eligible purchases totalling at least $50 using the debit card linked to your Westpac Choice account within 15 calendar days of the first account being opened. Transaction(s) must be processed (not pending) by the end of the 15th day.
- Transaction(s) must be customer-initiated and does not include interest payments, direct debits or internal transfers between your Westpac accounts.
- Keep the account open for a minimum of 60 days after you meet all other eligibility criteria.
- Hold the accounts in one name only. These accounts cannot be joint accounts.
If you meet the above:
- You're eligible for a one-time $50 payment.
- The $50 payment will be made to your Westpac Life or Westpac eSaver account within 60 days of you meeting all Terms and Conditions and eligibility criteria.
- If you open more than one Westpac Life or Westpac eSaver account, the $50 payment will only be made once into the first savings account opened and activated.
- This promotion may be varied or withdrawn at any time. It is not available in conjunction with any other offer unless otherwise stated.Why open an eSaver account?
Introductory rate
Fixed rate for the first 5 months for new eSaver customers.
$0 monthly fee
No Account-Keeping Fees (other fees may apply).
Unlimited access
Simply link your eSaver account to a Westpac everyday account.
Online account
With no minimum deposit or monthly balance requirements.
Save time, apply online
Spend & Save with Westpac
You could earn up to 5.75% p.a. variable interest on your first $150,000 of savings with a Life Savings and Choice bank account. 18-40 year olds only. T&Cs and exclusions apply.
Smart Budgeting and savings tools
Secure your account with SafeBlock
Account fees
To open a Westpac eSaver savings account, you must:
- Hold a Westpac everyday account in the same name
- Be registered for Online and Telephone Banking.
Fees and charges may apply on the everyday account, including a $5 monthly Account-Keeping Fee.
| Standard fees (fees may change) | Amount |
|---|---|
| Account-Keeping Fee (monthly) | $0 |
| Online Banking withdrawal (including Mobile Banking) | $0 |
| Telephone Banking withdrawal (self service) | $0 |
| Telephone Banking withdrawal (staff assisted) | $0 |
| Branch staff assisted withdrawal | $0 |
| Overdrawn Fee | $15 |
| Direct debit | $0 |
Debit cards are not available for new eSaver accounts
For old accounts, that have a card, fees are not charged for:
- Point of Sale (POS) transactions
- ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!) .
To open a Westpac eSaver savings account, you must:
- Hold a Westpac everyday account in the same name
- Be registered for Online and Telephone Banking.
If you decide to open a Westpac Choice transaction account, the following fees will apply:
| Standard fees (fees may change) | Amount |
|---|---|
| Account-Keeping Fee (monthly) | $5 (criteria for fee waiver below) |
| Online Banking withdrawal (including Mobile Banking) | $0 |
| Telephone Banking withdrawal (self service) | $0 |
| Telephone Banking withdrawal (staff assisted) | $0 |
| Branch staff assisted withdrawal | $0 |
| Direct Debit | $0 |
| Point of Sale (POS) transactions | $0 |
| ATM cash withdrawals in Australia (ATM providers may charge a fee – watch out for that!) | $0 |
| Overdrawn Fee (for more information: Overdraw Preference Feature | $15 |
| Overseas Withdrawal Fee from a Global Alliance Partner ATM (for more information on Global Alliance Partners: Accessing your accounts overseas | $0 |
| Overseas Withdrawal Fee from a non-Global Alliance Partner ATM | $5 |
| Transactions made in foreign currency, and the merchant or financial institution is located outside Australia | 3% of the AUD transaction amount |
| Transactions made in foreign currency, and the merchant or financial institution is located in Australia | 2.2% of the AUD transaction amount |
| Unarranged Lending Rate (ULR) is a debit interest rate charged to a transaction account if it becomes overdrawn without arrangement | 15.01% p.a. |
The monthly fee is waived for:
- Customers that deposit at least $2,000 each month
- Customers under the age of 41 or full-time tertiary students
- Individuals who hold a Concession or Health Care card, or receive an eligible Australian Government benefit payment
- New to Australia or expatriate customers (for the first 12 months)
- Customers that open a new Westpac Choice account online (for the first 12 months).
Open a new Westpac Choice account online between 1 February 2024 and 30 September 2026 to have the monthly Account-Keeping Fee waived for the first 12 months. At the end of the 12-month period, the monthly Account-Keeping Fee (currently $5) will apply unless the minimum monthly deposit criteria are met. Individual(s) under the age of 41, New Arrivals, and students are ineligible for this Offer. This offer is not applicable to the Westpac Choice Concession account. For joint accounts, individuals must meet the eligibility criteria for the fee waiver to apply. Other fees and charges, terms and conditions apply to the Westpac Choice account. This offer may be repeated from time to time, withdrawn, varied, or extended at any time.
Other fees and charges may apply. Please refer to the Terms and Conditions (PDF 749KB)
Frequently asked questions
Interest is paid to your account on the last business day of each month.
Balances, including deposits made on or after the last business day of the month, won't count towards that month's interest but will count for the next month's interest.
You’ll need an everyday account to open a Westpac Savings account. By selecting the OPEN NOW button, we'll open for you a:
- Westpac eSaver account
- Westpac Choice account (if you don't already have one).
Help when you need it
Things you should know
Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.
*This claim is based on The Forrester Digital Experience Review™ of 4 Australian mobile banking apps in Q3 2025. Future findings are subject to change. Forrester does not endorse any company or brand, nor their products or services, nor advise anyone to select them based on this review. If you want to learn more, go to the Forrester website.
Protected by the Financial Claims Scheme (FCS): If you have a Westpac deposit account, in certain circumstances you may be entitled to a payment under the FCS. Payments under the FCS are limited for each customer. You can find out more information from the APRA website at www.fcs.gov.au.
Westpac’s Online Banking Security Guarantee: If your Westpac account is compromised as a result of Internet fraud, we guarantee to repay any missing funds, providing you comply with our Online Banking Terms and Conditions. This includes keeping your sign-in details (including passwords, Westpac Protect™ SMS codes and SecurID® Token codes) private. You must inform us immediately if you suspect the security of your access details has been compromised, or you suspect an unauthorised transaction or potential fraud on your accounts.
Westpac Fraud Money Back Guarantee: Our Westpac Fraud Money Back Guarantee ensures that you will be reimbursed for any unauthorised card transactions provided that you have not contributed to the loss and contacted Westpac promptly. Refer to your card's conditions of use for full details, including when you will be liable.
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